Employees' Provident Fund (Sri Lanka) Overview and Key Features

The Employees' Provident Fund (EPF) in Sri Lanka is a crucial social security scheme that benefits millions of workers. It was established in 1952.

The EPF is a mandatory savings scheme, which means all eligible employees are required to contribute to it. Contributions are made by both the employer and the employee.

The EPF provides a safety net for employees, helping them secure their financial future. It's a great way to save for retirement, as well as for other significant life events.

To withdraw your Employees' Provident Fund (EPF) balance, you'll need to meet certain requirements.

You can withdraw your EPF balance without having to complete a specified age, unlike the Employees' Trust Fund (ETF).

To be eligible for withdrawal, you must have ceased your employment due to reasons such as retirement, resignation, dismissal, or vacation of post.

You won't be able to make a second withdrawal until 5 years have passed since the date of your previous withdrawal.

You're entitled to certain benefits under the Employees' Provident Fund, but there are some exceptions and limitations to be aware of.

Reaching the age of 60 years is one such exception, allowing you to access your fund balance without any restrictions.

Migrating for permanent residence is another exception, which also grants you access to your fund balance.

Joining state service that entitles you to a pension is an exception, but it's essential to note that this may have implications for your fund balance.

Termination of employment due to permanent disability is an exception, which allows you to access your fund balance without any issues.

Death of a member is an exception, and in this case, the fund balance is typically paid to the beneficiary.

It's worth noting that members cannot make a claim for withdrawal of fund balance made up of contributions from the current employer while being employed, even if they have completed five years of service.